The OSC recently announced the members of their 2018 Fin Tech Advisory committee and no one from the Private
Capital Markets Association was included. Should we care? Should we be mad? What does it mean for our industry?
Stephen Preston, VP of Exempt Edge and Chair of the Fin Tech and
Innovation committee for the PCMA breaks it down:
If you are in the financial services industry there’s a good chance you’ve heard the word
FinTech being thrown around. For those who aren’t familiar with the term, FinTech can be
described as the rapid innovation of financial services through technology.
It’s a tidal wave of change empowering people globally by giving them more options for
everything related to money including: how people invest, borrow, lend and manage their
finances. Artificial Intelligence, Crypto Currency and the Blockchain – are all FinTech
innovations that WILL impact every Canadian and every professional in our industry – the
only question is when and by how much?
According to KPMG, global FinTech investment topped US$31B for 2017, bringing the total
investment over the past three years to US$122B (1). It’s a large industry that’s only going
to get bigger.
So how is Canada positioned in the global FinTech revolution? You’d think that with such
an entrepreneurial and tech savvy population we’d be leading the FinTech charge but in
reality we are woefully behind our peers. Countries like the UK, Australia, Singapore, and
the USA are years ahead of us and their citizens are benefiting tremendously from the
availability of new innovative financial products and services.
So why are we so far behind?
ONLY OURSELVES TO BLAME